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Encyclopedia > Entrepreneur

An entrepreneur is a person who has possession over a new enterprise or venture and assumes full accountability for the inherent risks and the outcome. The term is a loanword from French and was first defined by the Irish economist Richard Cantillon. A female entrepreneur is sometimes known as an entrepreneuse. However, with the word "entrepreneuse" being the French feminine form of entrepreneur, its usage in English in delineating sexes detracts from the meaning of the word "entrepreneur". Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... For other uses, see Organization (disambiguation). ... Venture can refer to; Venture - a Canadian business television show on the CBC network. ... A loanword (or loan word) is a word directly taken into one language from another with little or no translation. ... Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ...

The modern myths about entrepreneurs include the idea that they assume the risks involved to undertake a business venture, but that interpretation now appears to be based on a false translation of Cantillon's and Say's ideas. The research data indicate that successful entrepreneurs are actually risk averse. They are successful because their passion for an outcome leads them to organize available resources in new and more valuable ways. In doing so, they are said to efficiently and effectively use the factors of production. Those factors are now deemed to include at least the following elements: land (natural resources), labour (human input into production using available resources), capital (any type of equipment used in production i.e. machinery), intelligence and knowledge, and creativity. A person who can efficiently manage these factors in pursuit of a real opportunity to add value in the long-run, may expand (future prospects of larger firms and businesses), and become successful. In economics, factors of production are resources used in the production of goods and services, including land, labor, and capital. ... A LAND attack is a DoS (Denial of Service) attack that consists of sending a special poison spoofed packet to a computer, causing it to lock up. ...

Entrepreneurship is often difficult and tricky, as many new ventures fail. Entrepreneur is often synonymous with founder. Most commonly, the term entrepreneur applies to someone who creates value by offering a product or service. Entrepreneurs often have strong beliefs about a market opportunity and organize their resources effectively to accomplish an outcome that changes existing interactions. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ...

Some observers see them as being willing to accept a high level of personal, professional or financial risk to pursue that opportunity, but the emerging evidence indicates they are more passionate experts than gamblers. For the Parker Brothers board game, see Risk (game) For other uses, see Risk (disambiguation). ... The name Opportunity may refer to: Opportunity Asset Management , a Brazilian investment bank based in Rio de Janeiro Opportunity, Washington, a city in the U.S. Opportunity rover (MER-B), one of the two rovers of NASAs Mars Exploration Rover Mission. ...

Business entrepreneurs are viewed as fundamentally important in the capitalistic society. Some distinguish business entrepreneurs as either "political entrepreneurs" or "market entrepreneurs," while social entrepreneurs' principal objectives include the creation of a social and/or environmental benefit. For other uses, see Capitalism (disambiguation). ... // In politics Entrepreneurship involves people taking a risk in order to create new ventures. ... A social entrepreneur is someone who develops social innovation through entrepreneurial solutions. ...


Definition and terminology

An entrepreneur is someone who attempts to organize resources in new and more valuable ways and accepts full responsibility for the outcome.


The word "entrepreneur" is a loanword from French. In French the verb "entreprendre" means "to undertake", with "entre" coming from the Latin word meaning "between", and "prendre" meaning "to take". In French a person who performs a verb, has the ending of the verb changed to "eur", comparable to the "er" ending in English.

Enterprise is similar to and has roots in, the French word "entrepris", which is the past participle of "entreprendre".

Entrepreneuse is simply the French feminine counterpart of "entrepreneur".

According to Miller, it is one who is able to begin, sustain, and when necessary, effectively and efficiently dissolve a business entity.

Entrepreneur as a leader

Scholar Robert. B. Reich considers leadership, management ability, and team-building as essential qualities of an entrepreneur. This concept has its origins in the work of Richard Cantillon in his Essai sur la Nature du Commerce en Général (1755) and Jean-Baptiste Say (1803) in his Treatise on Political Economy. Robert Bernard Reich (born June 24, 1946) was the twenty-second United States Secretary of Labor, serving under President Bill Clinton from 1993 to 1997. ... Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist and businessman. ...

A more generally held theory is that entrepreneurs emerge from the population on demand, from the combination of opportunities and people well-positioned to take advantage of them. An entrepreneur may perceive that s/he is among the few to recognize or be able to solve a problem. In this view, one studies on one side the distribution of information available to would-be entrepreneurs (see Austrian School economics) and on the other, how environmental factors (access to capital, competition, etc.) change the rate of a society's production of entrepreneurs. The Austrian School, also known as the “Vienna School” or the “Psychological School”, is a heterodox school of economic thought that advocates adherence to strict methodological individualism. ...

A prominent theorist of the Austrian School in this regard is Joseph Schumpeter, who saw the entrepreneur as innovators. Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ...

See also

Independent contractor, Social entrepreneurship, Internet Entrepreneur, Consultant, E-Myth
Entrepreneurship education
Master of Enterprise, Junior Enterprise, Young Enterprise, Business and Enterprise College

An independent contractor is a person or business which provides goods or services to another entity under terms specified in a contract. ... Social entrepreneurship is the work of a social entrepreneur. ... A person that engages in business on the internet and helps to shape the future of business on the internet by being an innovator. ... A consultant (from the Latin consultare meaning to discuss from which we also derive words such as consul and counsel) is a professional who provides expert advice in a particular area of expertise such as accountancy, the environment, technology, the law, human resources, marketing, medicine, finance, public affairs, communication, engineering... E-Myth in the business vernacular refers to the Entrepreneurial Myth, and means that most businesses fail because the founders are technicians that were inspired to start a business without a true entrepreneurs perspective. ... Entrepreneurship education seeks to provide students with the knowledge, skills and motivation do enact entrepreneurial possibilities, often in a variety of settings. ... The Master of Enterprise (M.Ent. ... A junior enterprise is a local non-profit organization entirely managed by students. ... Young Enterprise is a charity scheme in the United Kingdom involving students typically in their late teens, which allows them to start and run their own business usually for the period of one academic year. ... Business and Enterprise Colleges (BECs) were introduced in 1995 as part of the Specialist Schools Programme in the UK. The system enables secondary schools to specialise in certain fields. ... Theory and practice Issues History Culture By region Lists Related Anarchism Portal Politics Portal ·        Agorism is an anarchist political philosophy founded by Samuel Edward Konkin III and characterized by proponents as left-libertarian. ...

References and external articles

Look up entrepreneur in Wiktionary, the free dictionary.

Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 151 languages. ...

General information

  • Baumol, W.J., Litan, R.E., Schramm, C.J. (2007). Good capitalism, bad capitalism, and the economics of growth and prosperity. Yale University Press.
  • Binks, M. and Vale, P. (1990). Entrepreneurship and Economic Change. Maidenhead: McGraw-Hill.
  • Brouwer, M.T. (2002). 'Weber, Schumpeter and Knight on entrepreneurship and economic development'. Journal of Evolutionary Economics, vol. 12(1-2), p. 83.
  • Cantillon, R. (1755). Essai sur la Nature du Commerce en Général
  • Casson, M. (2005). 'Entrepreneurship and the theory of the firm'. Journal of Economic Behavior & Organization, 58 (2) , 327-348
  • Hebert, R.F. and Link, A.N. (1988). The Entrepreneur: Mainstream Views and Radical Critiques. New York: Praeger, 2nd edition.
  • Kirzner, I. (1973). Competition and Entrepreneurship.
  • Knight, F.H. (1921/61). Risk uncertainty and profit. Kelley, 2nd edition.
  • Schumpeter, J.A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle
  • Spengler, J.J. (1954).
  • Schram, Carl (2006). The Entrepreneurial Imperative. Harper Collins

Theories of the firm

  • Bhidé, A. V. (1999). The Origin and Evolution of New Businesses: Oxford University Press.
  • Long, W. (1983). The meaning of entrepreneurship. American Journal of Small Business, 8(2), 47-59. (c971086)
  • Outcalt, Charles, (2000). 'The Notion of Entrepreneurship: Historical and Emerging Issues'. Cellcee digest. Kauffman Center for Entrepreneurial Leadership.
  • Reich, R. B. (1987, May/June). Entrepreneurship reconsidered: The team as hero. Harvard Business Review. (c96187)

External links

  • The Foundation of Entrepreneurship The online resource for building entrepreneurial economies.
  • Joint OECD / Eurostat Programme on Entrepreneurship Indicators International effort on a harmonization of entrepreneurship indicators and determinants
  • U.S. Small Business Administration
  • Starting a Business - from U.S. Internal Revenue Service
  • Ernst and Young - Entrepreneur of the Year Awards
  • United States Center for Entrepreneurship



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